Aviva Equity Release Conveyancing Panel Example Support Desk Enquires from members of the public
My partner and I are novices when it comes to buying a property. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Aviva Equity Release have this morning contacted us to inform me that they have now hit a problem as our lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is usual for the purchaser's solicitors to also act for the purchaser's lender.
In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyers should contact Aviva Equity Release and see if they can apply for membership of the Aviva Equity Release conveyancing panel, but if that is not viable Aviva Equity Release will instruct their own lawyers to represent them. You don't have to instruct a firm on the Aviva Equity Release conveyancing panel and you may continue to use your own solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
We are due to exchange on the purchase a house but as a result of damage from the recent storms I have agreed compensation from the seller of £3k approx by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but my mortgage company Aviva Equity Release will not agree to this. Why was Aviva Equity Release even consulted?
Your lawyer being on the Aviva Equity Release conveyancing panel is duty bound to inform Aviva Equity Release of any changes to the purchase price. If you were to refuse your lawyers to disclose the reduction to Aviva Equity Release then they would have to discontinue acting for you and Aviva Equity Release.
Do banks and building societies provide you with an approved list of solicitors? How do you know who is on the Aviva Equity Release conveyancing panel?
The law firm practices themselves provide us confirmation that they are on the Aviva Equity Release conveyancing panel as opposed to being supplied with a list from Aviva Equity Release directly.
I am considering applying for a Aviva Equity Release mortgage for purchase of a newly converted (under development) with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Aviva Equity Release?
There is nothing to stop you using your solicitor but Aviva Equity Release will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How can we tell if a solicitor on the Aviva Equity Release panel is any good?
obtaining recommendations is a sensible starting point. Before you go ahead check if they offer a no sale no fee offer. Also you often get what you pay for - a firm which quotes more will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor conducting your conveyancing
I have agreed a price on a apartment I spoke to a lawyer recommended by my dad and he recommended retaining a solicitor approved by Aviva Equity Release. The estate agent recommended two local firms so I asked Aviva Equity Release if the 2 suggested solicitors are approved, which they are not. Aviva Equity Release pointed out that either firm can fill out the appropriate forms to become approved. Do I (1) save myself the aggravation and use one of Aviva Equity Release 's conveyancing panel solicitors (2) Use the local solicitor and accept there may be delays etc as they go through the approval process.
Enquire of Aviva Equity Release for conveyancing panel firms in your area. Lenders have them all over the country. You can also use our search tool at the top of this page to search for a lawyer on the Aviva Equity Release conveyancing panel based on location. If you particularly like the sound of one of the local lawyers that you have spoken to ask them if they would go onto Aviva Equity Release conveyancing panel as it may only take about 2-3 weeks. As long as they meet Aviva Equity Release’s requirements it can be a very simple job for the solicitor. Other stuff will be going on in parallel (as you are at an early stage) so it may not delay matters.
I was told four weeks ago that my mortgage has been agreed
to by Aviva Equity Release. Is it usual for Aviva Equity Release to only issue the offer once my
solicitor is approved on their conveyancing panel?
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Aviva Equity Release to deal with your lawyers application to be on the Aviva Equity Release conveyancing panel. There's no guarantee that your solicitors will be accepted.